Company registration number SC032547 (Scotland)
THE WILLIAMSON GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE WILLIAMSON GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Statement of financial position
8
Statement of cash flows
9
Notes to the financial statements
10 - 27
THE WILLIAMSON GROUP LIMITED
COMPANY INFORMATION
Directors
G V Williamson
M A Williamson
C A S Williamson
Secretary
C A S Williamson
Company number
SC032547
Registered office
5 Walker Road
Longman Industrial Estate
Inverness
United Kingdom
IV1 1TD
Auditor
Azets Audit Services
Chartered Accountants
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
THE WILLIAMSON GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present the strategic report for the year ended 31 December 2022.
Principal activity
The principal activity of the company in the year under review was that of wholesaling and retailing food and related produce, with haulage operations being carried out ancillary to this trade.
Business review
Previous work on developing a price effective and meaningful range for our customers has continued to provide good sales and support from our customer base which continues to grow.
Partnerships with suppliers and increased trade engagement has assisted in ensuring our product range is well supported and priced competitively. Continued investment in vehicles and temperature-controlled storage has allowed an increase in capacity and stock holding.
Principal Risks and Uncertainties
The company operates in a fiercely competitive market and is always exposed to price risk. We work tirelessly with our supply partners to ensure continuity of supplies and fair bargaining with regards prevailing pricing. We are proud of these relationships which are central to our offering and sustainability.
Inflation on raw materials remains a constant and the company regularly reviews all supply sources of commodity materials and the cost base of the business.
We are exposed to credit risk however this is offset with retained financial resources and a flexible payment system utilising card and direct debit payments.
The business is largely dependent on visitors to the Highlands however the latent demand to visit our area remains strong.
Financial key performance indicators
Our Key Performance Indicators in 2023 will be sales, gross profit margin and wages margin.
Results
During the year, the company achieved turnover of £16.4m (2021 - £13.3m). Net cash generated from operating activities was £454k (2021 - £570k) with a profit before tax of £287k (2021 - £494k).
Future Developments
The directors' assessment of risk leads them to continue to concentrate on gaining more business which meets the company's required risk profile whilst ensuring that margins are not eroded.
G V Williamson
Director
21 September 2023
THE WILLIAMSON GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £8,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G V Williamson
M A Williamson
C A S Williamson
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE WILLIAMSON GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
G V Williamson
Director
21 September 2023
THE WILLIAMSON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE WILLIAMSON GROUP LIMITED
- 4 -
Opinion
We have audited the financial statements of The Williamson Group Limited (the 'company') for the year ended 31 December 2022 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THE WILLIAMSON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE WILLIAMSON GROUP LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
THE WILLIAMSON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE WILLIAMSON GROUP LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Allison Gibson (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
21 September 2023
Chartered Accountants
Statutory Auditor
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
THE WILLIAMSON GROUP LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
2022
2021
Notes
£
£
Turnover
3
16,431,399
13,309,114
Cost of sales
(14,721,352)
(12,024,984)
Gross profit
1,710,047
1,284,130
Administrative expenses
(1,449,950)
(1,225,795)
Other operating income
3
76,503
484,193
Operating profit
4
336,600
542,528
Interest receivable and similar income
8
2,014
Interest payable and similar expenses
9
(51,520)
(48,221)
Profit before taxation
287,094
494,307
Tax on profit
10
(38,741)
(136,219)
Profit for the financial year
248,353
358,088
Retained earnings brought forward
2,467,031
2,108,943
Dividends
11
(8,000)
Retained earnings carried forward
2,707,384
2,467,031
The income statement has been prepared on the basis that all operations are continuing operations.
THE WILLIAMSON GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 8 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,787,247
1,486,224
Investment properties
14
501,133
501,133
2,288,380
1,987,357
Current assets
Stocks
15
573,929
454,519
Debtors
16
1,303,268
1,127,955
Cash at bank and in hand
1,078,455
1,364,517
2,955,652
2,946,991
Creditors: amounts falling due within one year
17
(1,665,076)
(1,467,052)
Net current assets
1,290,576
1,479,939
Total assets less current liabilities
3,578,956
3,467,296
Creditors: amounts falling due after more than one year
18
(631,279)
(828,440)
Provisions for liabilities
21
(230,293)
(161,825)
Net assets
2,717,384
2,477,031
Capital and reserves
Called up share capital
23
2,000
2,000
Capital redemption reserve
24
8,000
8,000
Profit and loss reserves
24
2,707,384
2,467,031
Total equity
2,717,384
2,477,031
The financial statements were approved by the board of directors and authorised for issue on 21 September 2023 and are signed on its behalf by:
G V Williamson
Director
Company Registration No. SC032547
THE WILLIAMSON GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
594,249
618,211
Interest paid
(51,520)
(48,221)
Income taxes paid
(90,701)
Net cash inflow from operating activities
452,028
569,990
Investing activities
Purchase of tangible fixed assets
(381,782)
(66,406)
Proceeds on disposal of tangible fixed assets
35,000
5,833
Interest received
2,014
Net cash used in investing activities
(344,768)
(60,573)
Financing activities
Repayment of borrowings
(71,068)
(66,277)
Repayment of bank loans
(150,000)
(87,500)
Payment of finance leases obligations
(164,254)
(153,729)
Dividends paid
(8,000)
Net cash used in financing activities
(393,322)
(307,506)
Net (decrease)/increase in cash and cash equivalents
(286,062)
201,911
Cash and cash equivalents at beginning of year
1,364,517
1,162,606
Cash and cash equivalents at end of year
1,078,455
1,364,517
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
1
Accounting policies
Company information
The Williamson Group Limited is a private company limited by shares incorporated in Scotland. The registered office is 5 Walker Road, Longman Industrial Estate, Inverness, United Kingdom, IV1 1TD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Other income is recognised when it is receivable by the company.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Heritable property
2.5% on cost and not provided (land)
Improvements to property
2.5% on cost
Plant and machinery
10% on cost
Office equipment
10% on cost
Computers
25% on cost
Motor vehicles
25% on cost, 20% on cost and 16.67% on cost
Registration plates
2% on cost
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Borrowing costs related to fixed assets
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.19
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying
the company's accounting policies.
The directors are satisfied that accounting policies are appropriate and applied consistently. Key sources
of accounting estimation have been applied to the fair value of investment property, depreciation rates, the
provision against bad debts and the provision against obsolete stock. Each estimate has been considered
by the directors, and the basis for the estimate has been deemed to be reasonable.
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Sale of goods
16,172,274
13,069,814
Haulage
110,699
100,097
Shop sales
148,426
139,203
16,431,399
13,309,114
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Turnover and other revenue
(Continued)
- 16 -
2022
2021
£
£
Other revenue
Scottish Wholesale Food and Drink Resiliance Fund
166,000
Coronavrius Job Retention Scheme Grant
242,796
Rent receivable
52,920
37,873
Sundry income
23,583
30,034
Other grants received
-
7,490
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
16,351,407
13,004,411
Rest of the world
79,992
304,703
16,431,399
13,309,114
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(416,286)
Depreciation of tangible fixed assets
238,745
242,457
Loss/(gain) on disposal of tangible fixed assets
11,134
(2,547)
Operating lease charges
21,312
21,312
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,200
10,185
For other services
All other non-audit services
5,613
5,410
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Production staff
67
55
Distribution staff
28
34
Administration staff
17
15
Total
112
104
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
2,866,230
2,558,311
Social security costs
255,579
215,529
Pension costs
76,556
70,679
3,198,365
2,844,519
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
283,420
240,287
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2021 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
134,220
111,558
The company considers that Key Management Personnel consists of the Directors whose compensation during the year was £320,763 (2021 - £269,835).
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on tax refund
426
Other interest income
1,588
Total income
2,014
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
426
9
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank loans
21,070
16,567
Other finance costs:
Interest on finance leases
17,164
13,576
Other interest
13,286
18,078
51,520
48,221
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(29,727)
129,799
Deferred tax
Origination and reversal of timing differences
68,468
6,420
Total tax charge
38,741
136,219
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Taxation
(Continued)
- 19 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
287,094
494,307
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
54,548
93,918
Tax effect of expenses that are not deductible in determining taxable profit
709
Movement in pension fund accrual leading to an decrease/(increase) in taxation
(1,190)
92
Short term timing difference leading to an increase in taxation
68,468
6,420
Capital allowances in excess of depreciation
(83,758)
35,080
Unutilised charitable donations
673
Taxation charge for the year
38,741
136,219
Factors affecting tax charge for the year
The tax charge for the period has been calculated on the taxable profits at the standard rate of corporation tax in the UK of 19% (2021 - 19%).
11
Dividends
2022
2021
£
£
Final paid
8,000
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
159,502
Amortisation and impairment
At 1 January 2022 and 31 December 2022
159,502
Carrying amount
At 31 December 2022
At 31 December 2021
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
13
Tangible fixed assets
Heritable property
Improvements to property
Assets under construction
Plant and machinery
Office equipment
Computers
Motor vehicles
Registration plates
Total
£
£
£
£
£
£
£
£
£
Cost
At 1 January 2022
1,013,386
77,771
323,177
36,351
220,179
1,331,035
17,483
3,019,382
Additions
877
246,785
3,280
5,080
72,465
257,415
585,902
Disposals
(133,735)
(133,735)
At 31 December 2022
1,014,263
77,771
246,785
326,457
41,431
292,644
1,454,715
17,483
3,471,549
Depreciation and impairment
At 1 January 2022
253,448
14,654
258,378
27,759
190,125
786,344
2,450
1,533,158
Depreciation charged in the year
18,966
1,944
12,895
1,414
16,305
186,871
350
238,745
Eliminated in respect of disposals
(87,601)
(87,601)
At 31 December 2022
272,414
16,598
271,273
29,173
206,430
885,614
2,800
1,684,302
Carrying amount
At 31 December 2022
741,849
61,173
246,785
55,184
12,258
86,214
569,101
14,683
1,787,247
At 31 December 2021
759,938
63,117
64,799
8,592
30,054
544,691
15,033
1,486,224
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13
Tangible fixed assets
(Continued)
- 21 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2022
2021
£
£
Motor vehicles
479,567
438,794
Included in cost of heritable property is freehold land of £255,250 (2021 - £255,250) which is not depreciated.
14
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
501,133
Investment property was valued at fair value by Graham & Sibbald on the 4th December 2015 in accordance with the RICS Valuation Professional Standards 2014 and International Valuation Standards. The directors consider this valuation to still be representative of fair value as at 31 December 2022.
15
Stocks
2022
2021
£
£
Finished goods and goods for resale
573,929
454,519
There is no material difference between the replacement cost of stock and the amounts noted in the Statement of Financial Position.
16
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
939,713
853,377
Corporation tax recoverable
36,651
39,610
Other debtors
161,857
59,724
Prepayments and accrued income
165,047
175,244
1,303,268
1,127,955
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
17
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
19
150,000
150,000
Obligations under finance leases
20
147,772
136,950
Other borrowings
19
76,205
71,068
Trade creditors
1,061,668
750,178
Corporation tax
6,412
129,799
Other taxation and social security
102,628
102,193
Accruals and deferred income
120,391
126,864
1,665,076
1,467,052
18
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans
19
362,500
512,500
Obligations under finance leases
20
194,095
165,051
Other borrowings
19
74,684
150,889
631,279
828,440
Finance lease creditors are secured over the assets concerned.
The other borrowings are secured by a standard security over 8 Burnett Road, Inverness, IV1 1TF.
Bank loans are secured by a standard security over 2 Walker Road, Inverness, IV1 1TD and 8 Burnett Road, Inverness, IV1 1TF and by a bond and floating charge over the assets of the company.
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
19
Loans and overdrafts
2022
2021
£
£
Bank loans
512,500
662,500
Other loans
150,889
221,957
663,389
884,457
Payable within one year
226,205
221,068
Payable after one year
437,184
663,389
In 2020 the company received a Coronavirus Business Interruption Loan of £750,000 from The Bank of Scotland. The loan is repayable over the period until May 2026 with repayments commencing in June 2021. Interest is charged at Bank of England base rate plus 2.15%.
20
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Amounts falling due within one year
147,772
136,950
Amounts falling due between one year and five years
194,095
165,051
341,867
302,001
The finance lease contracts above are in relation to motor vehicles.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
230,293
164,181
Other short term timing differences
-
(2,356)
230,293
161,825
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
21
Deferred taxation
(Continued)
- 24 -
2022
Movements in the year:
£
Liability at 1 January 2022
161,825
Charge to profit or loss
68,468
Liability at 31 December 2022
230,293
22
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
76,556
70,679
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £nil (2021 - £12,738) were payable to the fund at the reporting date and are included in creditors.
23
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
Each share is entitled to one vote in any circumstance and each share is also entitled pari passu to dividend payments or any other distribution, including distribution arising from a winding up order.
24
Reserves
Capital redemption reserve
The capital redemption reserve relates to the equity component of shares bought back by the company in prior years.
Profit and loss account
The retained earnings account includes all current and prior year retained profits or losses less dividends paid.
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
2022
2021
£
£
Acquisition of tangible fixed assets
240,708
-
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
26
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
2,040
1,776
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2022
2021
£
£
Within one year
45,000
45,000
Between two and five years
15,000
60,000
60,000
105,000
27
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2022
2021
2022
2021
£
£
£
£
Corner on the Square Limited - a company in which G Williamson is a director and shareholder
54,096
371,357
45,187
6,943
Northern Corries Limited - a company in which G Williamson is a director and shareholder
47,307
31,713
-
-
Black Isle BA Limited - a company in which G Williamson was director and shareholder up to 8th April 2022
180,512
111,431
-
-
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Corner on the Square Limited - a company in which G Williamson is a director and shareholder
-
30,337
Northern Corries Limited - a company in which G Williamson is a director and shareholder
3,509
1,873
Black Isle BA Limited - a company in which G Williamson was director and shareholder up to 8th April 2022
-
12,143
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
27
Related party transactions
(Continued)
- 26 -
J A Robertson & Co (Fruiterers) Limited 1986 Retirement Benefit Scheme
Company Pension Scheme
An annual rent of £115,000 (2021 - £115,000) has been charged to the company for the use of its premises at 5 Walker Road by the pension scheme.
At the year end a balance of £150,889 (2021 - £221,957) was included in creditors. Interest was charged on this balance at 7% per annum on outstanding balances totalling £13,286 (2021 - £18,078) in the year.
28
Directors' transactions
During the year the directors paid for business expenses of £18,606 (2021 - £14,886) personally and were reimbursed. The balance outstanding at the year end was £1,080 (2021 - £2,340) and this amount was included within trade creditors.
During the year the company paid expenses on behalf of the directors of £127,527 (2021 - £27,564) and the directors introduced funds to the company of £104,614 (2021 - £28,336).
During the year the company paid dividends of £8,000 (2021 - £nil) to the directors.
The maximum overdrawn amount on the directors' current account during the year was £62,676 (2021 - £39,763). During the year interest of £1,588 (2021 - £nil) was paid on overdrawn directors' current accounts. Directors' current accounts are repayable in cash in accordance with normal business terms.
Amount due from the directors as at the year end was £62,676 (2021 - £39,763) and is included within other debtors.
29
Analysis of changes in net funds
1 January 2022
Cash flows
New finance leases
31 December 2022
£
£
£
£
Cash at bank and in hand
1,364,517
(286,062)
-
1,078,455
Borrowings excluding overdrafts
(884,457)
221,068
-
(663,389)
Obligations under finance leases
(302,001)
164,254
(204,120)
(341,867)
178,059
99,260
(204,120)
73,199
THE WILLIAMSON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
30
Cash generated from operations
2022
2021
£
£
Profit for the year after tax
248,353
358,088
Adjustments for:
Taxation charged
38,741
136,219
Finance costs
51,520
48,221
Investment income
(2,014)
Loss/(gain) on disposal of tangible fixed assets
11,134
(2,547)
Depreciation and impairment of tangible fixed assets
238,745
242,457
Movements in working capital:
Increase in stocks
(119,410)
(182,934)
Increase in debtors
(178,272)
(136,438)
Increase in creditors
305,452
155,145
Cash generated from operations
594,249
618,211
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.100No description of principal activityG V WilliamsonM A WilliamsonC A S WilliamsonC A S WilliamsonSC0325472022-01-012022-12-31SC032547bus:Director12022-01-012022-12-31SC032547bus:Director22022-01-012022-12-31SC032547bus:CompanySecretaryDirector12022-01-012022-12-31SC032547bus:CompanySecretary12022-01-012022-12-31SC032547bus:Director32022-01-012022-12-31SC032547bus:RegisteredOffice2022-01-012022-12-31SC0325472022-12-31SC0325472021-01-012021-12-31SC032547core:RetainedEarningsAccumulatedLosses2021-12-31SC032547core:RetainedEarningsAccumulatedLosses2020-12-31SC032547core:RetainedEarningsAccumulatedLosses2022-12-31SC032547core:RetainedEarningsAccumulatedLosses2021-12-31SC032547core:ShareCapital2022-12-31SC032547core:ShareCapital2021-12-31SC032547core:CapitalRedemptionReserve2022-12-31SC032547core:CapitalRedemptionReserve2021-12-31SC0325472021-12-31SC032547core:RetainedEarningsAccumulatedLosses2021-01-012021-12-31SC032547core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-31SC032547core:LeaseholdImprovements2022-12-31SC032547core:ConstructionInProgressAssetsUnderConstruction2022-12-31SC032547core:PlantMachinery2022-12-31SC032547core:FurnitureFittings2022-12-31SC032547core:ComputerEquipment2022-12-31SC032547core:MotorVehicles2022-12-31SC032547core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31SC032547core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-31SC032547core:LeaseholdImprovements2021-12-31SC032547core:ConstructionInProgressAssetsUnderConstruction2021-12-31SC032547core:PlantMachinery2021-12-31SC032547core:FurnitureFittings2021-12-31SC032547core:ComputerEquipment2021-12-31SC032547core:MotorVehicles2021-12-31SC032547core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-31SC032547core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC032547core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC032547core:CurrentFinancialInstruments2022-12-31SC032547core:CurrentFinancialInstruments2021-12-31SC032547core:Non-currentFinancialInstruments2022-12-31SC032547core:Non-currentFinancialInstruments2021-12-31SC03254712022-01-012022-12-31SC03254712021-01-012021-12-31SC0325472021-12-31SC0325472020-12-31SC032547core:Goodwill2022-01-012022-12-31SC032547core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-012022-12-31SC032547core:LeaseholdImprovements2022-01-012022-12-31SC032547core:PlantMachinery2022-01-012022-12-31SC032547core:FurnitureFittings2022-01-012022-12-31SC032547core:ComputerEquipment2022-01-012022-12-31SC032547core:MotorVehicles2022-01-012022-12-31SC032547core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-01-012022-12-31SC032547core:ConstructionInProgressAssetsUnderConstruction2022-01-012022-12-31SC032547core:UKTax2022-01-012022-12-31SC032547core:UKTax2021-01-012021-12-31SC03254722022-01-012022-12-31SC03254722021-01-012021-12-31SC03254732022-01-012022-12-31SC03254732021-01-012021-12-31SC03254742022-01-012022-12-31SC03254742021-01-012021-12-31SC032547core:Goodwill2021-12-31SC032547core:Goodwill2022-12-31SC032547core:Goodwill2021-12-31SC032547core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-31SC032547core:LeaseholdImprovements2021-12-31SC032547core:ConstructionInProgressAssetsUnderConstruction2021-12-31SC032547core:PlantMachinery2021-12-31SC032547core:FurnitureFittings2021-12-31SC032547core:ComputerEquipment2021-12-31SC032547core:MotorVehicles2021-12-31SC032547core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-31SC032547core:WithinOneYear2022-12-31SC032547core:WithinOneYear2021-12-31SC032547core:BetweenTwoFiveYears2022-12-31SC032547core:BetweenTwoFiveYears2021-12-31SC032547bus:PrivateLimitedCompanyLtd2022-01-012022-12-31SC032547bus:FRS1022022-01-012022-12-31SC032547bus:Audited2022-01-012022-12-31SC032547bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP